Africa has finally turned its long-running complaint against the world’s dominant credit rating agencies into an institutional challenge. The African Union launched the Africa Credit Rating Agency (AfCRA) in Mauritius on October 7, promising assessments that better reflect the continent’s economic realities.
The grievance is familiar in India, where policymakers have argued for years that global ratings fail to recognise improvements in economic fundamentals. Yet building an alternative is easier than persuading investors to trust it.
